To secure research data and reduce discovery budgets, many drug discovery companies are opting for developing in-house bioinformatics tools over outsourcing their bioinformatics projects. Data security threats are the main challenges to success in pre-competitive collaborations between bioinformatics researchers and companies, which reduces the outsourcing of bioinformatics projects.
According to the new market research report ”Bioinformatics Services Market by Type (Microbiome, Transcriptome, Virtual Screening, Database Management), Specialty (Medical, Forensics), Application (Proteomics, Metabolomics), End User (Academia, Pharma) – Global Forecast to 2023“, global bioinformatics services market is expected to reach USD 3.53 billion by 2023 from USD 1.70 billion in 2018, at a CAGR of 15.7% during the forecast period.
Major Growth Drivers:
Factors such as increasing public-private sector funding for bioinformatics services, the shortage of skilled bioinformatics professionals leading to increased outsourcing of biofinformatics projects, and growing applications of bioinformatics in various industries are expected to drive the growth of the bioinformatics services market.
Expected Revenue Growth:
The global bioinformatics services market is expected to reach USD 3.53 billion by 2023 from USD 1.70 billion in 2018, at a CAGR of 15.7% during the forecast period.
Accessories to Fuel the Growth of Bioinformatics Services Market :
Growth in the global bioinformatics services market is mainly driven by the growing applications of bioinformatics in various industries, increasing public-private sector funding for bioinformatics services, and the shortage of skilled bioinformatics professionals leading to increased outsourcing of bioinformatics projects. The reducing cost of sequencing and growing volume of data generated during sequencing, growing focus on outsourcing for the management of large volumes of data, and the emerging markets are also expected to present growth opportunities for players in the market.
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=75889439
By specialty, the medical biotechnology segment is expected to be the largest contributor to the bioinformatics services market in 2018
The bioinformatics services market, by specialty, is segmented into medical biotechnology, animal biotechnology, plant biotechnology, environmental biotechnology, and forensic biotechnology. The medical biotechnology segment is expected to command the largest share of the bioinformatics services market in 2018. The largest share of this segment can be attributed to the development of new databases for drug discovery, the use of bioinformatics for clinical diagnostics, and increasing funding for the development of bioinformatics solutions for clinical diagnostics.
By application, the transcriptomics segment is expected to grow at the highest rate during the forecast period
The bioinformatics services market, by application, is segmented into genomics, chemoinformatics & drug design, proteomics, transcriptomics, metabolomics, and other applications. The significant growth of the segment is attributed to the rising demand for more efficient data management facilities and the increasing number of research studies for the treatment of cancer using transcriptomics.
North America dominated the market in 2017
This report covers the bioinformatics services market data across four major geographies, namely, North America, Europe, Asia Pacific, and the Rest of the World (RoW). North America accounted for the largest share of the global bioinformatics services market in 2017, followed by Europe. The large share of the North American region is mainly attributed to the presence of leading bioinformatics service providers in the region, decreasing cost of sequencing, increasing number of genomic research activities in the region, high incidence of target diseases (such as cancer and genetic diseases), and favorable funding scenario for bioinformatics-based research.
Request Sample Report: https://www.marketsandmarkets.com/requestsampleNew.asp?id=75889439
Key Market Players
The major players in the bioinformatics services market profiled in this report are Illumina (US), Thermo Fisher Scientific (US), Eurofins Scientific (Luxembourg), BGI (China) dominated the market. Other players in the market are NeoGenomics (US), PerkinElmer (US), CD Genomics (US), Macrogen (South Korea), QIAGEN (Germany), GENEWIZ (US), Source BioScience (UK), Microsynth (Switzerland), MedGenome (India), Fios Genomics (UK), and BaseClear (Netherlands), among others.
- In 2017, QIAGEN and Centogene (Germany) collaborated to integrate Centogene’s CentoMD rare disease variant database with Qiagen Clinical Insight bioinformatics solution
- In 2017, NeoGenomics established its first European laboratory in Rolle, Switzerland to expand its geographical presence and increase its sales in Europe.
- In 2017, QIAGEN acquired OmicSoft Corporation (US) to enhance its multi-omics data analysis bioinformatics services offerings
- In 2016, Eurofins partnered with Institute of Genomics and Integrative Biology (IGIB, India) to launch their MitoSure-Human mitochondrial DNA sequencing and analysis pipeline to support research and genetic screening. The service includes automated bioinformatics analysis using IGIB proprietary Mit-O-Matic pipelineIn 2017, ConvaTec launched its Natura Convex Accordion Flange
- In 2015, PerkinElmer launched the PerkinElmer Signals Translational—a cloud-based data analysis platform
- “I’d be in tears” – Manchester United star opens up on injury struggles
- Aastha Chaudhary recalls Sidharth Shukla’s reaction to her roka
- Industrial Internet of Things Market to Watch: Spotlight on Zebra Technologies, General Electric Company, Broadcom
- In Memory Computing Market Giants Spending Is Going to Boom with IBM, SAP SE, Fujitsu
- Electronic Design Automation Tools Market Worth Observing Growth | Keysight Technologies, Cadence Design Systems, Altium, Mentor Graphic
- Supply Chain Market – Big Changes to Have Big Impact | Targit, Fractal Analytics, SAP SE, Genpact